Few sectors split opinion among investors in Asia like Chinese banks. As core plays on the state of China’s economy, their shares receive a regular battering whenever hard-landing concerns surface, yet soar at the earliest hint of economic revival.
Since late June, when a three-week cash crunch in the Chinese financial system abated, bank stocks have been on the rise. ICBC is up more than 22 per cent, China Merchants Bank has added 26 per cent and Minsheng Bank has risen 24 per cent.
The rally has found its footing on improving economic data as well as relief after the cash squeeze, during which interbank lending rates jumped to more than 25 per cent.
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